Cryptocurrency alternate Kraken revealed the outcomes of a survey performed among the many platform’s VIP shoppers in February, on March 27.
Regardless of the financial woes exacerbated by the worldwide coronavirus outbreak, the typical 2020 worth goal indicated by the alternate’s VIP shoppers was surprisingly excessive.
They estimated finish of yr costs of $22,866 for Bitcoin and $810 for Ethereum. Though it’s price noting that Kraken’s survey passed off earlier than the mid-March world market collapse.
Among the many survey respondents, 41% recognized themselves as traders, 40% as merchants and 15% as representatives of an establishment. The final 5% comprised cost processors, crypto exchanges and miners.
The vast majority of respondents have lower than $10 million beneath administration. Picture: Kraken
“Whereas 44% of respondents imagine that we’re in a bull market, 34% are uncertain and 22% assume we’re in a bear market,” confirmed the survey.
The crypto trade may see additional investments all through this yr. Whereas solely 36% of the survey takers had raised capital in 2019, 49% of them anticipate to take action this yr.
In addition to Bitcoin, the 5 hottest altcoins amongst Kraken’s respondents had been Ethereum, Monero, XRP, Litecoin and Tezos. 54% of the survey takers had been additionally assured that 2020 will signify one other “alt season.” That is the place altcoins rise in worth in opposition to Bitcoin.
“Tether (USDT) was the overwhelming favourite (60.4%) amongst stablecoin customers,” the publish added, though 44.4% of respondents don’t use stablecoins in any respect.
Roughly half of the respondents are additionally assured that the US Securities and Change Fee will lastly approve the launch of the primary Bitcoin exchange-traded funds this yr. Thus far, each Bitcoin ETF utility has been delayed or withdrawn.
Firms similar to Bitwise, VanEck and SolidX have all withdrawn their corresponding Bitcoin ETF proposals after going through lengthy delays. The SEC was not satisfied a “actual” Bitcoin market exists, attributable to inflated market information.
However with Binance set to accumulate CoinMarketCap, may extra transparency be on the way in which? It appears unlikely.